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The Senate passed repairs for the COVID-19 payroll loan program

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The Senate passed repairs for the COVID-19 payroll loan program

Following complaints from business groups about changing regulations and confusing guidelines, the Senate on Wednesday unanimously approved an improvement to the popular Paycheck Protection Program, which was created to help small businesses survive during the COVID-19 pandemic.

Earlier in the day, the US Chamber of Commerce urged the Pandemic Response Accountability Committee – tasked with overseeing trillions of taxpayer dollars provided by Congress to prop up the economy – to encourage greater clarity and consistency in the program. Others warn that some business owners worry that they might not meet the conditions under the revised regulations so that their loans are forgiven, as originally promised.

The Chamber Officer pointed out that the Ministry of Finance had changed the rules and guidelines governing loans repeatedly over the past eight weeks.

“Businesses, individuals and state and local governments must be held accountable for complying with rules and guidelines as they existed at the time of their actions, not as they were later modified,” said Neil Bradley, chief chamber policy officer.

Under the repairs of the new Senate, which had previously been passed by the House of Representatives, many of the concerns of business owners will be addressed. This will give businesses up to 24 weeks to spend money before having to return it. Previous regulations written by the Treasury and the Small Business Administration gave them only eight weeks to spend money, or were required to repay loans.

Improvements also relaxed the requirement that 75% of the loan be used for payroll, lowering the threshold to 60%.

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The next bill was given to President Trump to be signed.

More than two months after it was created to monitor the more than $ 2 trillion flowing into the economy due to the CARES Act, the committee held its first public organizing meeting Wednesday to get feedback from state and local governments, businesses, nonprofit organizations, health experts and watchdog groups government.

Bradley urged the committee to remember when overseeing that businesses, “must make decisions in an uncertain and ambiguous environment that is equally uncertain” as the government does, and must move quickly to participate in the newly created loan program without fully knowing what the regulations will be and how much they might be affected by economic closure.

Public anger that several large publicly traded companies received loans worth tens of millions of dollars prompted the Ministry of Finance to write new rules and issue warnings that loans of more than $ 2 million would be audited to determine whether companies really needed loans, and audits could potentially generate demands criminal.

Tony Wilkinson, president of National Assn. Guaranteed Government Lenders, pleading with the committee to intervene on popular PPP loans, said in his 30-year career he saw nothing like the chaotic launch of the loan program by the Ministry of Finance and Small Business Administration.

The guidelines of the agencies are “fragmented” and “let the lenders look for themselves” in developing the application process, and in some cases contrary to what is explicitly described by Congress as a parameter for loans, Wilkinson said.

“Is it any wonder why borrowers and lenders have questioned whether Treasury has made everyone fail?” Wilkinson said. “And you wonder why lenders are so worried about their PPP participation? And you wonder why borrowers of all sizes have returned their loans for fear of their own government? “

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The initial application rush resulted in the Small Business Administration processing more than one million loans worth a combined $ 350 billion in just 14 days. Interest in the second round of aid – $ 310 billion, which was quickly passed by Congress in April – has diminished, with $ 120 billion still not allocated. As of May 30, 4.4 million loans had been made between the two program rounds for a total of $ 510.2 billion.

Loans should be forgiven if the business retains its staff for eight weeks. But guidelines for asking for forgiven loans were not issued until weeks after many businesses took out loans. Recipient and Inspector General of Small Business Administration Mike Ware has sounded an alarm on the requirement that 75% of the loan go to payroll costs, rather than rent or other overhead costs, and that the total amount must be spent within eight weeks. In a report was released May 8, Ware warned that thousands of loan recipients would not be able to meet that standard, which was not required by Congress under the CARES Act.

Wilkinson told me about a small business that helped veterans suffering from post-traumatic stress disorder who received a $ 27,000 loan and worried that it might not be eligible for loan forgiveness. Business owners, who face the possibility of closure and are still required to repay loans, call the program “the devil knocked on the door when we went down, and unfortunately we let it in,” Wilkinson said.

Tim Delaney, president of the National Board of Nonprofits, also expressed disappointment at the “moving destination posts” that govern loans.

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“What will we fight? Because when we sign documents on a certain day, that’s what should be valid, contrary to these moving standards, “Delaney said.

The Committee has begun to increase its oversight activities, but it still lacks a leader. It had chosen acting Department of Defense Inspector General Glenn Fine to take over, but he became ineligible to serve when President Trump nominated a permanent replacement.

The Justice Department IG Michael E. Horowitz, in charge of electing leaders, holds positions in acting capacity. A Horowitz spokesman has not responded to repeated questions about when a new seat will be chosen.

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PRR. Banco do Fomento invites companies to offer new financial instruments – Observer

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PRR.  Banco do Fomento invites companies to offer new financial instruments – Observer

Banco Português de Fomento started a public consultation this Friday aiming to receive contributions to launch new instruments under the Recovery and Resilience Plan (PRR) which still has 475 million euros.

In a statement, the organization stressed that it intends to invite companies and all stakeholders to participate in public consultations on “future capital and quasi-capital decisions.”

According to PRR, Banco Português de Fomento (BPF) has been cast in “structuring and distribution of capital decisions and quasi-equity capital of a total of €1,425 million under the Capitalization and Business Innovation component of the PRR.

The Belarusian Popular Front still has 475 million euros to launch new programs, the organization’s press release emphasizes.

The public consultation is aimed at soliciting contributions under “the terms of two pre-structured financial instruments designed to encourage company formation and/or capitalization of businesses, primarily in the start-up phases”, “Venture Capital Program” (an instrument that assumes a fund structure of funds)” and “The Deal Co-investment Program (an instrument that takes the form of direct investment in companies, always in co-investment with private investors)”.

THE PUB • CONTINUE TO READ BELOW

“These tool proposals are aimed at facilitating market entry and growth/expansion of viable companies through the development new products/services or markets and strengthening and professionalization of personnel, including the management team,” the BNF press release further emphasizes.

The public consultation is also aimed at obtaining “other proposals for new capital and quasi-capital solutions in accordance with the terms of the aforementioned capitalization funds, which are considered relevant and necessary because they are considered unavailable at the time, or existing conditions that prevent access and use.”

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Ana Carvalho, CEO of BPF, emphasized that these public consultations “are aimed at building an open dialogue with all actors of the business ecosystem, with to improve workflows and identify market failuresand the most appropriate solutions to overcome them.”

“Although we are actively in contact with various associations and institutions, this public comment allows all interested parties to participate, especially potential beneficiaries and partners involved in these measures,” he added, quoted in a press release.

All information and technical descriptions of the two pre-structured products are available on the Banco Português de Fomento website at the link https://www.bpfomento.pt/pt/consulta-publica-sobre-novos-instrumentos-financeiros-prr/.

Suggestions or offers must be submitted online for a thorough assessment by the Belarusian Popular Front until 18:00 on December 19, this body further explained.

The mission of Banco Português de Fomento is to support the economic and social development of Portugal by creating and providing innovative, competitive and appropriate solutions to the needs and challenges of the business ecosystem, enhancing entrepreneurial potential, investment and job creation, and promoting sustainability and economic, social and territorial cohesion of the country.

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FESTin returns to distribute Portuguese-language cinema worldwide | Cinema

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FESTin returns to distribute Portuguese-language cinema worldwide |  Cinema

For the 13th edition, FESTin’s mission remains the same: “Bring cinema in Portuguese to the whole world.” So says co-director Adriana Niemeyer by phone with PÚBLICO on the eve of the start of the film festival, which starts this Friday and runs until next week, ending on Wednesday the 14th at LX Factory at 7:00 pm, in Espaço Talante, inside the bookstore Ler Devagar , with a screening of four Brazilian short films chosen by Antonio Grassi, the actor in charge of the space, followed by a toast.

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VARIOUS. Portuguese project that wears a shirt for mental health

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VARIOUS.  Portuguese project that wears a shirt for mental health

Little phrases with big meaning sometimes fit into T-shirtright now in bag da Ivory, a project that began in the year of the pandemic and has been interventionally warning about mental health issues ever since.

Francisco Soares Ganzo, the founder, first suffered a panic attack when he was in 10th grade, but ended up not paying much attention to signs that something was wrong. Then the mental health problem reappeared later, at a different stage in life and with different symptoms.

“Four years ago, I started experiencing constant anxiety, to the point that I couldn’t sleep,” says 25-year-old Francisco Versa. “Basically, I put a lot of pressure on myself from the women with whom I had relationships. It was Wednesday masculinity, competition,” he continues.

Early adulthood began with this “almost obsession to be with women” and get the best. performanceto the point where he became very anxious whenever he had sexual relations with a woman.

“The peak was when I couldn’t sleep. My brain was always on and I started taking pills to help me sleep,” says Francisco.

In 2019, he decided to see a therapist rather than a psychologist because he thought it was only “for wimps”, but it wasn’t, and Francisco later figured it out.

Today, he wants to convey the same message, and to do so, he created the Ivory project in 2020, consisting of clothes and accessories with special messages that form a bridge to the necessary incentive for those in need of help.

“When I finally worked up the courage to ask for help, I was like, ‘Wow, I wish I had started sooner. That’s why I started this project. I lacked something that would motivate me to go to therapy earlier. clothes are meant to spread information,” he says.

But Ivory goes far beyond what is written in sweatshirts and accessories.

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Help that comes in order

“Everyone you know is fighting a battle you know nothing about.”

This is one of the messages recorded in t-shirts e sweats from ivory. It’s simple and affects everyone in their own way, but the focus of the Ivory team – also with a past or present marked by mental health issues – is not the phrases on the T-shirts, but what follows them.

“To say that mental health is talked about a lot is a lie. What I mean? When I hear the news that companies are very concerned about mental health or that it has become fashionable with COVID-19, it is all a lie. What people say is vague. Nobody tells stories. A person who is really bad, like I was, does not need to hear that he should go to the gym or eat well. He needs to hear a story like this.” .

Ivory’s next step is to create a space for sharing testimonies through Appendixjust to address this shortcoming. Until then, the project intends to function as anxiety And further to support in the field of mental health.

“For every order we have, a person receives Email mail to make an appointment. Because our goal is to really open doors, to do something that I didn’t have, ”says Francisco. “I feel like a lot of people buy ivory because they’re in bad condition, but they don’t want to take the next step to take care of themselves.”

If encouragement is not enough, an ivory sweater will be cozy and Email mail gives you the push you need to make an appointment with one of Ivory’s psychologists. All it takes is an Instagram post or an email.

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Sweaters and bags 100% organic cotton and mobile phone cases with phrases coined by Francisco Soares Ganzo and designs created by the whole team can be ordered at website.

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